Weis Wave with Alert
This is a Weis Wave indicator which is based on Richard D. Wyckoff theory. It works in all time periods, range bar and tick bar charts and it can be applied to any market.
This indicator is adding the volumes of the corresponding price waves and draws a cumulative histogram. Each price wave is moving in a specific direction up or down until it reverses. In order for the indicator wave to reverse in the opposite direction, the price should exceed the number of points (pip*10) set in the indicator parameters. Therefore, the last wave repaints but the theory behind this trading method is forecasting where the market will go by reading mainly the previous waves.
The volume of the wave together with pip distance that the price has covered and the number of bars are displayed at the end of this wave.
Furthermore, an Alert (popup, email, sound) can be setup if the cumulative volume of the current wave exceeds a certain number specified in the parameters.
Videos on how to use it on our youtube channel: https://www.youtube.com/channel/UCTAzhvsnzPppdqWJS-MWafQ
- Trend trading: trade with the trend on retracement levels if the volume of the retracement wave is insignificant.
- Too much volume but not significant price move: Something is going to happen, wait for the price to break a significant level and follow it.
- Other strategies using Weis wave can be found on the internet.
- Difference: Number of points required for the current wave to reverse and form a new wave
VolDivBy: Volume divider in order to avoid big numbers on the display
Weight Volume Parameters - Weight Volume According to Sessions London-US-Asia
- Weighted Volume: true/false - Weights volume of different sessions taking into consideration that when London and US are operating at same time have the highest volume of all sessions occurs and adjusts the rest of the sessions. With this parameter it very easy visualize which volumes are significant even on Asian hours or non-significant on London-US hrs.
Not to be used with constant tick charts.
Format Wave and Label parameters
- ShowLabels: Display or not the volume, the pips and the number of bars of each wave
- ShowWaveLine: Draw the wave line or not on the price chart
- LabelShift: Label shift for volume and pips
- FontSize: Font size of labels
- FontColorUp: Font color for labels on up waves
- FontColorDn: Font color for labels on down waves
- FontColorNow: Font color for labels for the current forming wave
- WaveColor: Color for wave line on price charts
- WaveWidth: Width of wave line
The information displayed by the alert function are: the pair, the period, a message “Hign Dn Volume” or “High Up Volume” and the time.
- TriggerCandle: The candle number that the alert will be triggered
- VolSize: The value of cumulative volume that will be triggered if the alert is exceeded
- EnableNativeAlerts: Popup window
- EnableSoundAlerts: Sound alert
- EnableEmailAlerts: Send email
- SoundFileName: Sound file for sound alert "alert.wav"